How retailers can boost their Father’s Day sales
Father’s Day is an opportunity for us to show our dads how much we appreciate them and is fast coming up. So what makes a good Father’s Day campaign stand above the crowd so your business can remain competitive?
• Take stock
Retailers can increase revenue at peak times through inventory control. It will help your businesses reduce the costs of carrying excess inventory while maximising sales. Organisation is the name of the game here, meaning you need data on hand from previous years to forecast what and how much your customers are buying around Father’s Day.
Good inventory management should also help you track your inventory in real time (ideally through POS software) to streamline this process, and should follow the principles of FIFO (first in, first out), and identify low-turnover items. Given the complexity of the keeping track of stock, business experts advise you should give oversight of the task to a key lieutenant who can monitor it closely.
• Get social
According to a recent Smart Insights survey, over half of businesses that use social media marketing found that it increased revenue and sales. In addition to boosting your bottom line, an effective digital strategy provides invaluable data, helping you to better understand yourself, your customers, and your competitors.
Start by having active social accounts where you can respond to customer queries in a timely fashion. Value your ratings on sites like Facebook and Google Maps, encourage buyers to leave reviews, and listen to feedback to gain trust and insights which can be channelled for special campaigns.
• New-aged dads
Dads still might tell the same jokes, but their consumer behaviour is changing with the generations―and retailers need to take note. A recent Nielsen survey found that Australia’s 900,000 millennial dads are financially secure, brand conscious, and spend more time with their family. They are big on leisure and experiences, spending about 27 per cent more on these things than older generations.
These kinds of insights are key for tailoring your offering this Father’s Day or creating promotions made specifically for this audience.
• Supersize me
Get in the groove of upselling. Having an existing customer buying more (whether through bundling or special offers) is usually more effective than acquiring a new customer, and can help build brand loyalty and turn customers into promoters.
The key to promotions is knowing your base―understanding your customers’ original needs, as well as their price and sensitivities. Many consumers, particularly online, tend to have a price anchor that they use to compare offers, so be sure to make yours a compelling and reasonable one. If you’re trying to shift additional stock during a special Father’s Day campaign, you’ll need to have a flexible and effective delivery plan in place before you get started.
• Ensuring the product is delivered on time
Over half of shoppers say that they browse products online based on the available shipping methods, says the Wall Street Journal. The delivery space is rapidly catching up to the convenience and rapidity of online shopping, with customers demanding new levels of flexibility, speed, and customer service.
Get in front of your competitors by using a fast and flexible delivery service, with revolutionary tech powered, transparent delivery platform to give both you and your customers peace of mind ahead of this special day.